Ready to make a deal on a short sale?

When a lender and a seller agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale. If you have any questions about real estate in Jacksonville, North Carolina, contact me here or e-mail me.

Purchasing a short sale in Jacksonville, North Carolina on your own is risky. Contact Choice Jacksonville Realty for expert advice.

Are short sales good deals?

Occasionally. Often times people hear the phrase "short sale" and instinctively think of a seller that is in default and must sell their property promptly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these instances the discounted price may in fact be in line with true market values instead of below.

What's involved in buying a short sale?

  • Always do your research before making any offers. Using an experienced real estate agent from Choice Jacksonville Realty to help you research a property will help you make informed decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating this info can help you make a decision about how much to offer.
  • Use a real estate agent with short sale knowledge. Choice Jacksonville Realty can aid you in expediting the transaction and make sure you're protected. Don't let inexperience impede the closing process. Let my experience and knowledge work for you.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that most short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when working with a short sale. The lender will sell the property as seen which means the lender won't be paying for repairs. Be sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Choice Jacksonville Realty, when I write an offer, I'm looking out for your interests first and foremost and will always advise you to make your offer contingent upon the results of the inspections.
When it is time to buy, whether it is a short sale or a typical home sale, Choice Jacksonville Realty is here to help. Use my experience and knowledge of real estate to feel confident you are getting a fair deal and protect yourself during the complete purchase transaction.